Shares in Telford Homes were clawing back some of the losses they experienced yesterday after the Waltham Cross-based housebuilder warned that delays to a series of jobs in London would contribute to pre-tax profit for 2020 being “significantly below” the £40m it was forecasting for this year.

The AIM-listed group’s stock fell by 20% yesterday after it issued a trading update in which it said planning delays on a number of developments, notably the LEB Building in Bethnal Green, east London, would result in profit hitting the books later than expected.

Another headache was seeing construction work at City North in Finsbury Park, north London, being held up for six months “due to matters outside of our control” around dealing with transport bodies and the need to coincide with work done by other firms.